Technicolor receives balance of €420 million in new-money financing

By Caroline Salls

Pittsburgh, Sept. 2 – Technicolor SA announced Wednesday that all the conditions required for the contribution of the balance of €420 million in new financing have been granted or satisfied.

According to a company news release, as a result of this, €180 million in principal has been made available to Technicolor wholly owned subsidiary Tech 6 under a New York law bond issue by Tech 6 subscribed by the lenders of the new money for the purpose of financing the short-term liquidity needs of the company and its subsidiaries.

Tech 6 has lent the total amount of the balance of the new money to Technicolor by way of an intragroup loan.

In consideration of the funding of the balance of the new money, the company said additional security interests have been granted to the new-money lenders over the securities of its Gallo 8 subsidiary.

Technicolor is a France-based technology company focused on the media and entertainment sector. The company filed bankruptcy on June 22 in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 15 case number 20-33113.

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